UPDATE 1-Mexican peso fall pushes Alfa to fourth-quarter loss

MEXICO CITY Feb 23 (Reuters) - Mexican conglomerate Alfa
on Monday reported a net loss of 6.59 billion pesos
($447 million) in the fourth quarter, hit by the peso's decline
against the dollar and a drop in the value of its stake in
Canada's Pacific Rubiales Energy Corp.

In the same period a year earlier, the company, which
controls petrochemical, car parts and refrigerated foods
businesses, made a net profit of 1.03 billion pesos.

Revenue and operating profit rose, but financial costs
soared to more than ten times the year-earlier figure, pushing
the company to a loss.

Tumbling oil prices have slammed Mexico's peso
, which slumped nearly 12 percent against the dollar in
the fourth quarter.

The company's debt increased by $1.65 billion to $5.12
billion in the year to end-December, principally to finance
acquisitions.

In August, Alfa paid about $173 million to increase its
total stake in Canada's Pacific Rubiales to a little
over 17 percent.

The company said at the time that the increased stake in
Pacific Rubiales, Colombia's second-biggest crude producer, was
part of Alfa's long-term strategy to diversify its energy-sector
assets.